OIP Insurtech

Name

OIP Insurtech

Legal name

Outsource Insurance Professionals

Website

https://oipinsurtech.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Insurance Technology (InsurTech)

NAICS

Other Insurance Related Activities (52429)

SIC

Services-Management Consulting Services (8742)

akta.pro primary industry

Document, Workflow & Policy Servicing Automation (RPA/No-Code) (FSAGAGAK)

akta.pro secondary industries

Policy Administration, Underwriting & Rating Platforms (Core Insurance SaaS) (FSAGAGAB), OCR, ICR & Intelligent Document Processing (IDP) (BPAAAKAB), Data, Analytics & AI for Insurance (Risk, Pricing, Personalization) (FSAGAGAE)

Keywords

• Insurance operations services
• AI document processing
• Underwriting support services
• Insurance workflow automation
• Specialty insurance technology

Headquarters

HQ city

Henderson

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Underwriting Support & BPO Services: Comprehensive managed execution services covering the full insurance policy lifecycle: submission intake, quote-to-bind operations, expert underwriting operations, endorsement processing, inspection reviews, renewal underwriting, policy issuance, and back-office functions. Provided as ongoing managed services to carriers, MGAs, and program administrators.
2. Workflow Intelligence Diagnostic: Fixed-fee 8-week operational diagnostic engagement delivering quantified friction analysis, benchmark gap analysis, AI readiness mapping, and a 12-month transformation roadmap. Serves as an entry-point product that can lead to broader technology and managed services engagements.
3. InsurTech Technology Services & BoundAI Platform: Technology services including AI and data innovation, cloud and infrastructure engineering, product engineering and experience modernization, and the BoundAI SaaS/document intelligence platform. Revenue derived from technology implementation projects, platform licensing, and per-transaction or subscription-based AI document processing.
4. Strategic Consulting & System Integration: Strategic consulting covering SOP design, workflow redesign, queue management, SLA structuring, training, and adoption. Also encompasses system integration services aligning automation with existing insurance technology stacks.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels11 records

Core offering

OIP Insurtech provides technology-enabled insurance operations services and proprietary AI software to specialty and E&S insurance carriers, MGAs, wholesale brokers, and program administrators. The company offers managed underwriting BPO services (submission intake, quote-to-bind, endorsements, policy issuance, renewals) alongside its proprietary BoundAI document intelligence platform and an 8-week Workflow Intelligence Diagnostic consulting engagement. Headquartered in Henderson, NV with delivery centers across Serbia, India, North Macedonia, and the UK, the firm serves 120+ insurance clients.

Product overview

OIP Insurtech is an insurance operations partner offering a comprehensive portfolio of underwriting services, InsurTech solutions, and consulting. The core offering includes BoundAI, a proprietary AI-powered document intelligence platform that handles the full insurance document lifecycle including submissions, loss runs, endorsements, and claims. Supporting services include underwriting support (submissions, quotes, binder issuance, endorsements, inspection reviews, renewals), technology services (AI and data innovation, cloud engineering, product modernization), and the Workflow Intelligence Diagnostic consulting engagement. The company focuses on the E&S and specialty insurance market, providing technology-enabled outsourcing to help carriers, MGAs, wholesale brokers, and program administrators modernize operations.

Differentiator

Problem solved

Functional benefit

Brands

• BoundAI: AI-powered document intelligence platform for insurance that handles document extraction, classification, and data processing for submissions, loss runs, endorsements, and claims.

Products and services

• Underwriting Services Comprehensive managed underwriting support covering the full insurance policy lifecycle including core insurance administration, quote-to-bind operations, expert underwriting operations, endorsement processing, inspection reviews, renewal underwriting, and policy issuance. Delivered as ongoing managed services to carriers, MGAs, wholesale brokers, and program administrators.
• BoundAI Proprietary AI-powered document intelligence platform that reads, classifies, and extracts data from insurance documents including submissions, loss runs, endorsements, policy forms, and claims. Delivers structured output via API and RPA integrations, processing documents in seconds with 99% accuracy. Designed for MGAs, carriers, brokers, and syndicates.
• InsurTech Technology Services Technology services offering for insurance organizations covering AI and data innovation, cloud and infrastructure engineering, specialized practice services, and product engineering and experience modernization. Supports carriers and MGAs modernizing legacy technology stacks and implementing AI document processing.
• Workflow Intelligence Diagnostic Fixed-fee 8-week operational diagnostic engagement delivering quantified friction analysis, submission economics breakdown, AI readiness mapping, benchmark gap analysis, and a transformation roadmap. Maps real workflows through live shadowing and stakeholder interviews.
• Strategic Consulting and System Integration Consulting services covering strategic alignment, SOP design, workflow redesign, queue management, SLA structuring, training, adoption, and system integration aligning automation with existing insurance technology stacks.

Quantifiable outcome

• 20%+ efficiency unlocked in core workflows before any new technology investment
• +8 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability8 records

Feature4 records

Partnerships

Three partnerships are on record, tiered minor and core.

• BELhospiceminorOthers · 9 September 2023OIP Insurtech has been a Sustainability Club member of BELhospice for three consecutive years. BELhospice provides compassionate palliative care to patients in need in Serbia. OIP team members attend the annual charity ball and contribute to fundraising efforts.
• TMPAA (Target Markets Program Administrators Association)coreOthersOIP Insurtech actively participates in the annual TMPAA Summit, presenting their workflow modernization and AI capabilities to the program business ecosystem. At the 25th Annual Summit in Scottsdale, OIP leadership was featured in The Insurer's 'Close Quarter' video series discussing rewiring legacy underwriting workflows.
• CPCU Europe ChaptercoreOthersMatija Obradovic, Global Risk Manager at OIP, serves as President of the CPCU Europe Chapter, which has 100 members across the continent. This leadership role provides a platform for industry influence, professional development, and visibility for OIP within the European insurance community.

Scale indicators15 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Hexaware: Hexaware provides digital and BPO services with a dedicated insurance practice covering underwriting, claims, and finance operations. Closely comparable in combining insurance-domain delivery with automation and cloud services.
• EXL Service: EXL is a publicly-traded operations and analytics BPO with a sizable insurance practice covering underwriting, claims, and document processing. It is the most directly comparable peer given its combined BPO delivery and analytics-led value proposition for P&C carriers and MGAs.
• WNS Holdings: WNS provides domain-led BPO and analytics with a strong insurance vertical spanning underwriting support, claims, and finance & accounting. Comparable to OIP's offshore-led delivery model and carrier/MGA customer base.
• NTT Data (Insurance): NTT Data offers insurance-specific BPO and technology services including underwriting, claims, and digital transformation for global insurers. Similar global delivery footprint and carrier/MGA customer overlap.
• Coforge: Coforge runs an insurance technology services business combining BPO underwriting support, core systems integration, and digital platforms for P&C and specialty insurers. Comparable mix of tech services and managed operations targeting insurance carriers.

Broad incumbents

• Cognizant (Insurance): Cognizant operates a global insurance practice combining consulting, technology services, and BPO for carriers. Competes with OIP for the same managed services and workflow automation engagements at the enterprise level.
• Duck Creek Technologies: Duck Creek is a leading insurance SaaS provider offering policy, billing, and claims platforms for P&C carriers. While primarily a core systems vendor rather than a BPO, it embeds document automation that competes with BoundAI at the workflow layer.
• Insurity: Insurity is an established insurance core systems and analytics provider to carriers and MGAs, with policy admin, billing, and data products. Referenced in OIP customer testimonials, it represents an adjacent incumbent whose own product roadmap could encroach on OIP's BoundAI automation wedge.
• Majesco: Majesco provides cloud-native insurance core, analytics, and digital platform software for P&C and L&A carriers. Comparable as an insurtech platform targeting the same digital transformation budgets OIP sells into.

Emerging players

• Hyperscience: Hyperscience is an intelligent document processing vendor competing directly with BoundAI at the IDP/OCR layer, including in regulated industries like insurance. Comparable as a technology peer that insurance carriers may evaluate alongside OIP's platform.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/OIPInsurtech
• LinkedInlinkedin.com/company/oip-insurtech
• Instagraminstagram.com/oipinsurtech

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OIP Insurtech